Regulatory Fee, Layoff Expenses Drag Down PNC Profit

Key TakeawaysPNC Financial Services Group Inc.'s profit was hurt by a charge from regulators and layoff expenses.The company's net interest income and net interest margin declined for the fourth quarter.PNC also provided guidance that revenue would decline 3% to 4% in the current quarter. Shares of PNC Financial Services Group Inc. (PNC) fell early Tuesday but later recovered as the bank’s earnings slumped on a regulatory charge and costs for layoffs. PNC reported fourth-quarter 2023 net income tumbled 43% ...